Summary by Moomoo AI
On December 2, 2024, Infobird CFO Yiting Song announced the completion of acquiring 65% of Pure Tech Global Limited for approximately $40 million. This acquisition, closed on November 22, 2024, includes control over Pinmu Century and Zhenxi Brand Marketing Consulting, expanding Infobird's reach in the SaaS industry.For the six months ended June 30, 2024, Infobird reported revenues of $20,000, with a gross profit of $1,622. Operating expenses slightly decreased to $0.83 million, resulting in a net loss of $0.81 million, a significant improvement from the $4.87 million net loss in the same period of 2023. The company attributes this improvement to reduced staff expenses from discontinued operations in Mainland China.Infobird's liquidity remains strong with $6.16 million in cash and equivalents as of June 30, 2024. The company plans to expand its market presence in Hong Kong, Southeast Asia, and Europe, focusing on finance, real estate, and hotel management sectors.
